The Nornian Fraser Design Trust (Ch•lty Ref f40: SC013111) lor the yeaf to 30 September 2024 Contents R¢ur by Trustees ReFQrt by IWendent Examiner cwrts Yctes to the kccwnts ApJeTrJKeE ol In**p#wts rewL￿." OJW 229Jll Fax.. 013822023 The Norman FAs¢r Delgn Trust Report by Tw*ees for the ye•r to 30 September 2024 As stipui*ed Ir. the Trust Deed, there a￿ to be at teast fve TnJstees.' tsw) lThJustnal Trugees vAh commercial eKpenerKe, prferaoiy In an Engl￿rry Ccffipany. naving iner r¥irKPal ol Dosir￿ In Arbroaih ID Aryu5, or Wllhln a filty mlle rodius thereol,. EducotKml Trustees eocb cwrenty or lormerfy empw In an Engineenn9 rtl&ed ¢ep8rtnTrent (Y holding a Chair of Erynevry at a Scctrth Instrtuttffi of Furtl*r Ea￿tr￿.. •TrJ a Le901 Trustee, ieing a wlicitor wilh recert eXpefieD￿ of legal and holthg a full (ertrfKate or ary I￿￿Te ewwalert tsf the same 6sued tw the L Sc(iety ol ￿C￿Lane or any gjccessor to the yn*. Trustees Wl L* appjntgj ts a 5peofK per￿j exceeding fNe eats, but shall be elwe Ic* ￿.I9￿ntMert on the ey4yry cl il* s￿1 peroj. The Trvstees t¢ve the p(M*r to apwint aL*Jrtiona Tru*ees as ihty bel*ve woul¢ be of a$9Stance in Ihe perfOrrnan￿ their furKtK￿S. aklth)nal Tnjstees shall be awJrteO a srecft ￿rIyj ncrt Exce￿￿9 fwe ye*s. trtjt shall be t1￿￿* lor reappcArtment on ine ex•ry fl rhe SaK1 FerK)J. Trustees are rthiiriited ty trt then e￿$brI1 Trustees acwrtn￿t confiffr￿ ty l(ffrnal DW of A55urnlx￿n. Thornions Law LLP, Whitehall Hcwse. 33 Yearnafi Slore, Nndee DOI 48). i¥thtone Irwe*rnrt manage￿nt Lifftrted. fRAhLw? Ikxffje. 50 Gery sQ￿re, Glasym G2 IEPt. enJewi LLP. Tr vs￿ &Akhry. 20 r￿nn￿rkeL ￿Thlet DDI 4￿. Scott15h Lharry Nts SL UiJiLI Oeed of TnJst dateé 10th Decerrthr IW. The Truslees m&Je on appk•t*yi to OSCR fe4 Jpproval d a r&xwnisaton xlrnr the Tru5L whKh was approved by OSCR M 13ur* 2013 PLrrx6es of aprd*atth la) to the ob￿ts of tr* Trust Iwbile ma¥rtaining the ernfvis ￿ engwrtTrJ) Ind (b) tts kwt M a mtye L¥aoKa basis ￿￿1￿￿￿ntS re9ardinq t￿ app)Inbment Trustees. The Norman Fr•str D•si9n Trust Rewt by Trustees for the year to 30 se￿efflber 2024 (cort) Ouring Ihe yeai eThled 30 SeFternbÈw 2014 InNwffents aThJ cash to Ihe value d arpr0￿rn*ety E56.OJ) y￿￿ frorn David Barnet Chr￿ts"e s Twwt ('0￿1 representry 10pn￿mate1¥ 5.3* cl tr* the PILYman Fraser ￿1g￿ Trust as 3￿. SeFtembei 20.4. The trustees hwe resow tlwt the lunds from D8cr stroJbJ be h￿d ift a c*swJn*ed furyl to be used primanty for under%vaduale stLK1ents e4Kessty Trjt f￿ kwes or ery)neefir#J devetoprnent unless at any time there tre either Instsffioent applKatK)n5 frcxn students (Y In5uffKtrt appltstlL￿S of an atprcyiate ¢uJlty fr￿￿ St￿￿ents, evert tte trustees tsve freedom to V￿ the fvnos as t1￿ apwowkryte The trustees hwe lurther agreed that, subMI to •lusbr4J for futsjre dLsthbutK￿s fr(m the •ther the mJin ty the W fijnd, the 5.3% figure sh￿1 te used ro thternThne *Alue of the orr rts shore Df the trusi's IrKome. The tru*ee5 have 1s5essed the rnajty nsks to chwty 15 exryjsed. fft partKular trkny￿ ￿Lryted io the ¢Jperat1L￿s and finartes ol the Vu#, and are sat￿f*d that Sy5tem5 i￿ In kyace ro mrtoare eyp)wre to Ihose risks. The financKal res￿1 for the *e as set ¢>Jt ryb Pw 6 ar￿ 7. The reserves of the tnJ5t orynate from Inthi a*Jii*Jnal twuest Df the reshlue of IlrThan Ffaser's 1964 Trust, and lunds transferrtd fvom DaMd 8arnet ChrEt*'s Trust tOget￿r wrth any mtyst¢nert irt the vabje of Investrnents and accumulated re¥enue. The trustees a ￿er￿VeS rdKy that shcAJkl enwre t1￿ a￿ttY of Ihe Trust to meet Its obJecbve5. The thl oflree as al 30 ￿efflt￿ 2024 was £1,133.584 (2023 . £I.L%fJ,￿a. aklffi¢y￿d thus.. 2024 2023 General Fund D B (hnstre Furnj IW.048 9)2.770 I C6A 402 Apprnved by TrI￿tel% ané slgTred on th￿r b•h•lf: The P4orman Fraser Desl9n Tnwt Report by Trustees lor the year to 30 September 2024 {C￿t) Coo¢itutw•n4 Objects fcrf) TrLM S{￿￿Lts as amtsxled are:. to pwde finarKb* assistsnce to en&4e •ny4J* cw mcrt irk1wduats prelerats*. but nc* necessarify, tr qiJaiificatvJn of Chartered Ewneer to enatAe them to undertake tmne part bme ur*Jeroraduate. graduate or cther studies In the Unted KinWI ty o%er%as. The a￿Varte￿￿nt of ell￿a￿n M the ervJYwry f*4Y ty the of firyn￿ to asgst In the tKtik1ing, e4aNIsnitvJ, equippry Lv maintainifig of ry In recmthent d studeits ry 5￿ff fry a Pla￿ iy plices fty t furtheran￿ ol tte St￿n9 ol Er4Jir*erThJ ar*J INvrtyl¥ryng dose colatrxiratnn bets4￿n the engineerirq Oewrtrnert of any Or￿ cl tte unNefsths In 8ntain or ￿S￿rl￿￿$ of futhr eduutw the w hand InOL6try on ￿ C*P*r haTrJ. To I￿n￿ 5(W15hips io I￿l￿ale WL¥t ery11￿ry St￿tr￿S ¢X kKrftntwl Engineerfng *udenLs. INI To gjrwrt researth ènd asstr￿￿ in •ry Instrtutw ol Further Ed￿at1￿. (vl To ￿$1 vAth the of nevs ETrJineenng Im￿￿*S$ created ty PeP￿r¢￿ ar41 De￿ment cent￿ InsttutKins ol Furtw EthxaT￿. ￿Ing to c(ynn*rc471 eKp1thtst￿. In cirywng out the fryegjing obpcts, the Trustees shall hwe an unlettered dixrekn to ccmmmrt Ttust lunds Irorn tlrne to time. wl*ther C3ptsl ￿ Ir￿. to èthi of thè obJÈcts Irrtif￿ tr& the excrtsslr￿ of the other or part￿ to ore and partty to tr ckner is thty deternI￿ shall te required ro account t¢ ary tenefK*ry ¢¥ ￿￿￿Fe01* be￿WrI ty arry others f¢Y thwr de05b￿ ty decis￿$ In sethng any partular objeci. "Institutions d FUrt￿r Ed￿at￿- Includes Uni%w&bes and Further Eéu&rt#Jn C(4le9es and such other educath)nal Instr(utions as, In the Trusrees urfetrered dlxrel￿. be wrtabbe to laclrtate t￿ expendrtuo of the Tru& Fwds. "Er4Jmeeivw- Ind￿$ m•xhantl. 50thware arl c¢mMereryirwirw). The day.to.day adminstratKJn ￿ carr%d Ttrartfyis Lav4 LLP, a5 a9ents fcrf tre Tru* The Tru#ee5 Meet ￿ and when quire¢ to revtw d￿at￿nS and cthr as￿ cl the Trusts aff￿15. There are no re￿￿10n5 in Deed en tne trv%ees" to M)¥est. Tre (fjici ￿, i¢yKJ terrn, to adorrt a rnethurn nSk Investment strategy. I￿ludry equty InvtJtrnen13, t) IrK£￿ caprtbl gro¥rth. Rattthrts dasslfy fv Tnst's mvestrneiir str*e9y > WivmlHJgh Dunng tf* year grJnts totslling £61,933 (2023- U30nJJ to k*al aTrl Colte9e5 In pursoaFKe trust purpJ5es nctsj atThe. Tho Norrnan Frnser Design Trust Independent Examlrnr's Reyt to the Tmrtees of the Ilorman Deslgn Trust I rtm oi ihe accwrts rj trt ct*frty fty trt ytar )) SeOemLEf 2024 set out (*) PO9e$ 6 to 10 Thts rewt Is made to tr* tru*ees, as a Pxxjy. in the ternis )f my My work Iws be ndertaken to enable me 10 rep)rt O￿n￿n *t (vt tek* and for rK) cther fo the fullest extent ￿rMtted ty law I do not aCttF¢ ry assume re￿o￿￿￿ty to anyrffte ￿ fikin rrLt5tees. •5 a iDJy. wc*k crf fy this rewrt. The trustees ao re¥￿nSIb￿ ts Ihe preparats￿ of tr* acccwryts terms of the fvrites and Trust In¥estment (Scotlandl Art I￿)5 •KJ the CWt*s t¢￿)ts IScrrttaTrl) Regulatwxs las arnendedl. Tr trustees CLY￿11)er that the audit requirement of RegJlaDon 10(11 Idl of 2W6 Accwnts Regula￿5 apply. It Is my reskM)ngbilrty to eurnine the acc(￿nts ￿ iequired secbw 44(1) {cl Ikt to st* wrtKulth matter5 ha* come to my attention. B••l• of Independert ex•mlnef* State￿￿n¢ My examinaticffj Is carr￿d out acoydance 4¥th .egulatThb 11 al tht Chartbe5 (Scotlandl R*JU￿t￿lrts 2006 la5 amended). An ex0mlnatrl￿ irtclu¢Yes a revth cl a¢trwrtiThJ rec(xts kept chanty and a cornpan50n of t￿ accounts kyesented wrth thcle ￿cUdS. It also IrKludes c￿￿Jeratth of ary unusu* rterns or dffAk)syres in Il* ￿COuntI and seeks eM￿anat￿￿S frorn tr* trustees cth)ctrniN4 any 9Jch motteis. Tr w￿lureS ur#lertsken do mde ali the evkjerfe tn rAJfa De In an au1rt, aTrJ corwTrtty I thj nc¢ express an a￿t on tr* 9i*n by tr* accounts. In tr* C￿Tse ol my exarniTratI(￿, matter has coffe to my attenbc to keep a￿nt.n9 In 44(11 lal dthe 2c￿5 PLt arbj ReoJlatTh1 4 of the 2,)Cfj Regulattyis, ar to Frfepaie ￿￿ntS whch the accwibr#J recryd5 ar#d wth Regukitth 9 of the 2((6 A￿Unts ReguthL har teen met, ty to whKh, In mv c¢4r4cffj. ittefit￿ sIMyJ￿ bt order to ernble a Nocer the *r(xJnts tn fexhed. For teii*f of Lc¥Jg* LLP The VIS￿ ￿lId1r￿j 20 Grttnmarket Trdee tX)14QB 17 J￿0 2025 The Norman Fraser l)esign Trust Receipt5 and Payments Accounl for the year ended 30 September Z024 2024 2023 Ae•siqTr Trust 2024 2023 $ch￿ule I Investment Inc(m thvh*TrJs & Interert rer R*hiK¥ Irrterest on Thtyntms dep)srt accJvr¢ 2*427 132 24.231 151 Sth*dd• 2 Chari&ible Acilviti fmstnbubons made In ￿er- Perth Cc4Joge UHI, 4 Scholarship •0r¢Js of Él,fAYJ Abertav Univeryty. 5 Sclrjatship awards ol £1.￿￿) Atefty Univtrsity, Pagani CPT macnine Abert￿ Unwyty, Icf S￿l0￿￿$hIp Iyear 31 4,000 5,OOD 41,559 6.000 6A,933 23,070 94p)rt cc6ts (Sd*dule 31 Schtdul• 3 2024 rots1 Th#)mt￿$, balance ol iheif fee Trust ￿￿￿1r￿raI￿. CL¥nm15yons. p05tsdc lor Ihe year th 30.09.23 (irK VAn 7,760 Thornt¢￿$. their Interim fee lor Trust a*niristr•t*￿. MM155￿5, wslsrtc. frx the year to 30.09.24 lirK VA 9,603 19,326 Hetterson Loggie LLP. ftt lry Inwideni ExarnMw￿n 510 520 ReglStrabM d 20 Chantsue I023 Thomtcns. balarKe of t1￿'r fee lor TrL& •)ninistFatw. cornmissths, I￿￿ts(￿L fry year to 30.(fJ.22 (KK VATI 5.373 5.373 10.746 Thorntry￿ their Interim ftt for Tru51 thIDtstrnt*Jn. onirTh5sMs. pL￿se1C fty ￿al to 30.09.23 VAT) 3,473 3.473 6.946 HenderyAft Li#Jgie LLP. fee ts lTrJependert e¥amin¥J oo 420 Rtystiation dues ￿ Deed 22 22 The Nornian Frdser l)eslgn Trust Schedule 3 Suw)ort Costs (cont) No Trv5tees re(etved expen5e5 froffl tru* ffar lo 30 SeOerntJer 202412023 - ore Tru51¢e. £22). Onè of the tru s a part￿r n Tlknynt￿& Law LLP whth recth¢d fees dunno the vear of É27.CQ6 a1ministratDn of tr.e trusl £202J £11.6921. 5th•d￿* 4 Costs ol 9•ft••tkng fvnd1 X124 2023 Ra￿orE Inve*n￿l M•r•Jws Ljmrteil. prytfdo alm￿•str•b¢ffj fets Sth4dule 5 St•tiffl•nt of b•l•nc• ￿ •t JOth.24 2024 DKT Fund Fund Tot41 I￿oMe fecweo inye¥ 25.240 1,413 26,659 th5trtJutty)s pa￿ in year gJpp>t costs IDefDt)fiul￿YS fly year (61,933) 12 25 {01,933) (49￿12} 695 I48￿17) ealonce as at 30.09.23 12S 331 Balance Is •t 30.09.24 Schedule S 5￿te￿ent ￿ Reieiiie as ot 11.(Yl.23 2Q23 Main Fund FLThJ T¢tal Income rreived In year 23.LTrJO 1.292 24.382 *nbtstThs paid In year SuFFQrt costs (23.070) 123,070) 469 (Def￿11/￿jrK￿yS f*y year (8.3571 (7,534) 8•knce a$ at 30.09.22 Balance as at 30.Q>.23 125 331 140 428 The Norman Fraser Design Trust Notes to the Accounts and General Notes re9ardin9 FI￿nCial SeThices and Markets Act 2000, Law Society Rubes antl re￿ted matte l. Accourttino p￿IneS Basis alp￿Parat￿ The Accounis are prepared in accOr(k￿e Wih ihe Chairties P£counts15c￿*r1j1 Re￿￿1￿5 2(th ias amende¢Jl. 2. Investment The Trustces appiove the continued appoiniment of the IrwtStmenl Managers as detsiÈd In the Rerx)rt of the trustees In these kcounts, ènd on the same bè>s as contained In Investn*nt and Firtanck41 ￿r¥￿e$ Temis of 8us4ness A9reement cur￿￿tty In f¢)rce. 3. Independent Fxamlfter The Trustees epprDve the (￿tir￿￿￿ ap))rtment .)f the IndeFeThJent Exèrr•nei as deiailL)J in the Rewrt of the trustes *7 It*se ￿c0￿¢s. Golng Concern At the lime of apryov,nq the financial stat¢Thents, the [r￿Ste￿ have a rthwnaLJle exc*aation It*t Ihe Trust has adeouate re5(xJrces tD Cwtioue In operotional existen￿ for the fryesceatAe lutuie. Thus the :rustees ccntinue to adopt the 9oing concern bdgs ol a(c￿nting in kY¢pawing the fThnciil Slattti￿fits. Appendix I Norman Fraser Design Trust Investment incomings Date Stock 0411012023 ScDttish Amencan Inv Co Ord 25p 0511012023 8runner Inv Trust Ord 25p 1611112023 Impax Fund5 Guinness Asset Mgmt Equity IDC z i 1010112024 Rtyal London Asset Mgm[ Short Gbl Ind Z Inc 1510312024 Jupiter UTM Japan Incorne ZH Inc 2110312024 Ishares II PIC TIPS UCITS 281031?024 fielx Ord 14 44p Ex)enan Ord USSO.10 Transarti)n Sa￿s Sales Sats Sa*s Sa*5 Sales Sa*s Amount 21,960.00 14,462.00 10,325.00 38,409.09 14,812. 20,475. 15,907.85 13,553.55 6.007.14 Sa￿5 ¥ii Scnwab (Charle51 USSO.01 Commorb Stc(k 1810412024 Aurodesk Inc Common St(Kk 2210512024 BB Biotech Ord CHFI Qualcomm Inc Common Stock 2310512024 M8G Securities Gt4 Macro Bond PP Ir 0610612024 Ro¥al London UTM Ethical ￿nI Z Inc ASML Holdings EURO.09 Lloyds Bènkin9 Group Ord lop 2110612024 Reckitt 8enckt5*r Group Ord lop 2310812024 M&G Ord 5p Croda Internatiortal l 0.609756p Astrazeneca Ord USSO.25 Eslee Lavder USSO.01 Common Stock Saks sa￿s Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales 11,320. 14 15,122.47 9,623 56 23,761.68 11,492.16 I I.980.80 4,89D.53 19,905. 14 11.965.65 17,276.07 9.157.45 3,931.34 6.269.29 312,607.91 Investment Outgoings Date Stock 0411012023 Tre45ury 114 Gllt 31101125 0511012023 Treasury 5/8% Bonds 31107125 A8IDN OEIC Gbl Index Lkd 8oryd S Instl Inc 1511112023 l$hares 11 PIC TIPS VCITS Rentokil Tnitial PIC Drd Ip Qualcornrn Inc Common Stttk 1510312024 Jupiter UTM japan Income U2 Inc 2 110312024 Treasury 4 114% Stock 07103136 0210412024 Hermes lTrvestrnent Mgmt Equity L2 Inc 2210512024 ASSA Abloy S Shares Transaction Pvtchase Purcho5e Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Amount 10,364.91 10,084.93 15,612.30 15,690. 18 15,446.21 15,703.70 19,672.40 15,255.19 28,114.50 16,975.86 >ii Persimmon Ord lop Diajeo Ord 28 1011108p Blackrock Inc Class A Common Stock 2410512024 Herrnes Investment Mgmt Equity L2 Inc 0610612024 ITX Corp Common Stock Compass Group Ord I I.OSp Prudeniial PIC Cyd 5p 2110612024 NoYo-NorDisk B Shares 231081?0?d Lordon Stoek Exchang@ PIC Ord 79186p Microsolt Corp Common StcKk Aff￿zOn Com Inc Common Stock Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purrhas r¢hase Purchase 6,641.31 6,277.72 19,059.92 6,362.65 17,907.95 17,072 15 4,430.34 l4,078.06 19.OQ6 $9 6,054.97 5.427.33 285 329. 18 27,278.73 Equalisation Abrdn er￿$ Jupiter 160.31 5.63 105.33 271.27 Net Proceeds From Inveslments 27.550.00 ¥y ¥